CGI (GIB) Position Decreased by Bank of America Corp DE
Bank of America Corp DE reduced its stake in shares of CGI (NYSE:GIB) (TSE:GIB.A) by 11.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 545,987 shares of the technology company’s stock after selling 67,154 shares during the quarter. Bank of America Corp DE owned about 0.19% of CGI worth $34,572,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Commonwealth Bank of Australia raised its stake in shares of CGI by 6.3% during the second quarter. Commonwealth Bank of Australia now owns 27,288 shares of the technology company’s stock valued at $1,724,000 after purchasing an additional 1,619 shares in the last quarter. Commerzbank Aktiengesellschaft FI raised its stake in shares of CGI by 37.9% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 11,421 shares of the technology company’s stock valued at $723,000 after purchasing an additional 3,140 shares in the last quarter. Daiwa SB Investments Ltd. bought a new stake in shares of CGI during the second quarter valued at about $206,000. State of Wisconsin Investment Board raised its stake in shares of CGI by 1.4% during the second quarter. State of Wisconsin Investment Board now owns 304,868 shares of the technology company’s stock valued at $19,308,000 after purchasing an additional 4,142 shares in the last quarter. Finally, Eqis Capital Management Inc. raised its stake in shares of CGI by 18.4% during the second quarter. Eqis Capital Management Inc. now owns 33,203 shares of the technology company’s stock valued at $2,102,000 after purchasing an additional 5,165 shares in the last quarter. Institutional investors and hedge funds own 59.40% of the company’s stock.
Shares of CGI stock opened at $65.12 on Friday. The company has a current ratio of 0.99, a quick ratio of 0.68 and a debt-to-equity ratio of 0.24. CGI has a 52 week low of $51.03 and a 52 week high of $66.53. The stock has a market capitalization of $18.59 billion, a price-to-earnings ratio of 23.42, a price-to-earnings-growth ratio of 2.28 and a beta of 0.55.
GIB has been the topic of several research reports. Scotiabank cut shares of CGI from an “outperform” rating to a “sector perform” rating in a research report on Tuesday, July 17th. Zacks Investment Research upgraded shares of CGI from a “sell” rating to a “hold” rating in a research report on Wednesday, June 27th. Barclays boosted their price target on shares of CGI from $64.00 to $68.00 and gave the stock an “overweight” rating in a research report on Thursday, August 2nd. Finally, Desjardins cut shares of CGI from a “buy” rating to a “hold” rating in a research report on Wednesday, July 25th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $72.25.
CGI Company Profile
CGI Group Inc provides information technology and business process services in Canada and internationally. It offers application development and maintenance, portfolio management, quality assurance and testing, modernization, and migration services; agile, business transformation, change management, CIO advisory, cybersecurity, data analytics, digital enterprise, project management, and industry-specific business consulting services; business-to-business and customer operations support, purchase management, revenue management, and supplier payment services; and data center facilities and management, technical service desk, printing and document management, remote infrastructure, transformation, storage as a service, data vaulting, disaster recovery and archiving as a service, bottomless edge-to-core storage, and file sync and share as a service, as well as infrastructure solutions and consulting services.
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